Calgary home prices continue upward march
Calgary home prices in March were almost 10 per cent higher than a year earlier as the city continued to lead real estate sales in Canada.
The Canadian Real Estate Association said Tuesday that Calgary home prices rose 9.5 per cent last month, followed by Greater Toronto at 7.4 per cent.
The two markets accounted for one quarter of national sales in March, said CREA chief economist Gregory Klump.
Overall, the number of homes sold was up 4.9 per cent compared with March 2013 and 1 per cent more than February, while the number of new listings rose only half a percentage point and the supply of homes for sale remained low.
Klump said March was an improvement over the previous two months yet "there was little evidence of a flood of pent-up demand being released."
The national average price for homes sold in March through CREA members was $401,419, up six per cent from the same month last year.
The association's MLS home price index - which adjusts to compensate for the mix of properties sold - also rose 5.19 per cent year-overyear, up slightly from 5.05 per cent in February.
"Sales in many housing markets continue to recover from winter's deep freeze," CREA president Beth Crosbie said in a statement.
In a separate report, Re/Max said the average Calgary home price rose 5 per cent from March 2013 to about $484,900.
"Upward price pressure continues to be driven by inventory, low interest rates and a robust job market," it said.
The Canadian Real Estate Association said Tuesday that Calgary home prices rose 9.5 per cent last month, followed by Greater Toronto at 7.4 per cent.
The two markets accounted for one quarter of national sales in March, said CREA chief economist Gregory Klump.
Overall, the number of homes sold was up 4.9 per cent compared with March 2013 and 1 per cent more than February, while the number of new listings rose only half a percentage point and the supply of homes for sale remained low.
Klump said March was an improvement over the previous two months yet "there was little evidence of a flood of pent-up demand being released."
The national average price for homes sold in March through CREA members was $401,419, up six per cent from the same month last year.
The association's MLS home price index - which adjusts to compensate for the mix of properties sold - also rose 5.19 per cent year-overyear, up slightly from 5.05 per cent in February.
"Sales in many housing markets continue to recover from winter's deep freeze," CREA president Beth Crosbie said in a statement.
In a separate report, Re/Max said the average Calgary home price rose 5 per cent from March 2013 to about $484,900.
"Upward price pressure continues to be driven by inventory, low interest rates and a robust job market," it said.
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